| Business segment data |
Note 24. Business segment data Berkshire’s numerous and diverse businesses are managed on an unusually decentralized basis. These businesses are aggregated into operating segments in a manner that reflects how Berkshire views the business activities. The tabular information that follows shows data of Berkshire’s reportable business segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment transactions are not eliminated from segment results when those transactions are considered in assessing the results of the respective segments. Furthermore, investment gains and losses, goodwill and indefinite-lived intangible asset impairments and amortization of certain acquisition accounting adjustments or certain other corporate income and expense items are not considered in assessing the financial performance of operating businesses. Collectively, these items are included in corporate, eliminations and other to reconcile segment totals to consolidated amounts. The information in the following tables includes additional disclosures pursuant to ASU 2023-07, which we adopted as of December 31, 2024. Notes to Consolidated Financial Statements Note 24. Business segment data We view our insurance segment as possessing two distinct activities – underwriting and investing. Our underwriting activities are summarized for GEICO, Berkshire Hathaway Primary Group (“BH Primary”) and Berkshire Hathaway Reinsurance Group (“BHRG”). Earnings data of our business segments are shown in the following tables (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2025 |
|
|
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Revenues |
$ |
11,064 |
|
$ |
4,677 |
|
$ |
6,454 |
|
$ |
22,195 |
|
$ |
4,053 |
|
$ |
26,248 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
7,945 |
|
|
3,193 |
|
|
2,935 |
|
|
14,073 |
|
|
— |
|
|
14,073 |
|
Life, annuity and health benefits |
|
— |
|
|
— |
|
|
1,132 |
|
|
1,132 |
|
|
— |
|
|
1,132 |
|
Other segment items |
|
1,298 |
|
|
1,421 |
|
|
1,737 |
|
|
4,456 |
|
|
50 |
|
|
4,506 |
|
Total costs and expenses |
|
9,243 |
|
|
4,614 |
|
|
5,804 |
|
|
19,661 |
|
|
50 |
|
|
19,711 |
|
Earnings before income taxes |
$ |
1,821 |
|
$ |
63 |
|
$ |
650 |
|
$ |
2,534 |
|
$ |
4,003 |
|
$ |
6,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Six Months 2025 |
|
|
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Revenues |
$ |
21,816 |
|
$ |
9,254 |
|
$ |
12,929 |
|
$ |
43,999 |
|
$ |
7,624 |
|
$ |
51,623 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
15,369 |
|
|
6,645 |
|
|
6,705 |
|
|
28,719 |
|
|
— |
|
|
28,719 |
|
Life, annuity and health benefits |
|
— |
|
|
— |
|
|
2,200 |
|
|
2,200 |
|
|
— |
|
|
2,200 |
|
Other segment items |
|
2,453 |
|
|
2,690 |
|
|
3,681 |
|
|
8,824 |
|
|
60 |
|
|
8,884 |
|
Total costs and expenses |
|
17,822 |
|
|
9,335 |
|
|
12,586 |
|
|
39,743 |
|
|
60 |
|
|
39,803 |
|
Earnings before income taxes |
$ |
3,994 |
|
$ |
(81 |
) |
$ |
343 |
|
$ |
4,256 |
|
$ |
7,564 |
|
$ |
11,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2024 |
|
|
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Revenues |
$ |
10,469 |
|
$ |
4,656 |
|
$ |
6,828 |
|
$ |
21,953 |
|
$ |
4,077 |
|
$ |
26,030 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
7,755 |
|
|
3,093 |
|
|
3,259 |
|
|
14,107 |
|
|
— |
|
|
14,107 |
|
Life, annuity and health benefits |
|
— |
|
|
— |
|
|
954 |
|
|
954 |
|
|
— |
|
|
954 |
|
Other segment items |
|
928 |
|
|
1,284 |
|
|
1,833 |
|
|
4,045 |
|
|
9 |
|
|
4,054 |
|
Total costs and expenses |
|
8,683 |
|
|
4,377 |
|
|
6,046 |
|
|
19,106 |
|
|
9 |
|
|
19,115 |
|
Earnings before income taxes |
$ |
1,786 |
|
$ |
279 |
|
$ |
782 |
|
$ |
2,847 |
|
$ |
4,068 |
|
$ |
6,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Six Months 2024 |
|
|
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Revenues |
$ |
20,703 |
|
$ |
9,197 |
|
$ |
13,527 |
|
$ |
43,427 |
|
$ |
7,241 |
|
$ |
50,668 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
15,169 |
|
|
5,905 |
|
|
6,481 |
|
|
27,555 |
|
|
— |
|
|
27,555 |
|
Life, annuity and health benefits |
|
— |
|
|
— |
|
|
1,899 |
|
|
1,899 |
|
|
— |
|
|
1,899 |
|
Other segment items |
|
1,820 |
|
|
2,527 |
|
|
3,453 |
|
|
7,800 |
|
|
21 |
|
|
7,821 |
|
Total costs and expenses |
|
16,989 |
|
|
8,432 |
|
|
11,833 |
|
|
37,254 |
|
|
21 |
|
|
37,275 |
|
Earnings before income taxes |
$ |
3,714 |
|
$ |
765 |
|
$ |
1,694 |
|
$ |
6,173 |
|
$ |
7,220 |
|
$ |
13,393 |
|
Other segment items related to insurance underwriting include commissions and brokerage expenses and other insurance underwriting expenses. Notes to Consolidated Financial Statements Note 24. Business segment data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNSF |
|
|
|
|
|
|
Second Quarter |
|
First Six Months |
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues |
|
|
|
|
$ |
5,769 |
|
$ |
5,805 |
|
$ |
11,489 |
|
$ |
11,465 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
|
|
|
1,372 |
|
|
1,321 |
|
|
2,759 |
|
|
2,733 |
|
Fuel |
|
|
|
|
|
698 |
|
|
822 |
|
|
1,468 |
|
|
1,676 |
|
Depreciation and amortization |
|
|
|
|
|
679 |
|
|
663 |
|
|
1,350 |
|
|
1,320 |
|
Interest expense |
|
|
|
|
|
270 |
|
|
267 |
|
|
542 |
|
|
532 |
|
Other segment items |
|
|
|
|
|
941 |
|
|
1,110 |
|
|
1,958 |
|
|
2,063 |
|
Total costs and expenses |
|
|
|
|
|
3,960 |
|
|
4,183 |
|
|
8,077 |
|
|
8,324 |
|
Earnings before income taxes |
|
|
|
|
$ |
1,809 |
|
$ |
1,622 |
|
$ |
3,412 |
|
$ |
3,141 |
|
Other segment items of BNSF include purchased services, equipment rents and materials expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BHE |
|
|
|
|
|
|
Second Quarter |
|
First Six Months |
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues |
|
|
|
|
$ |
6,418 |
|
$ |
6,492 |
|
$ |
12,774 |
|
$ |
12,769 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Energy cost of sales |
|
|
|
|
1,434 |
|
|
1,527 |
|
|
2,965 |
|
|
3,197 |
|
Energy operations and maintenance |
|
|
|
|
1,392 |
|
|
1,562 |
|
|
2,641 |
|
|
2,797 |
|
Energy depreciation and amortization |
|
|
|
|
1,054 |
|
|
976 |
|
|
2,063 |
|
|
1,958 |
|
Real estate operating costs and expenses |
|
|
|
|
1,210 |
|
|
1,240 |
|
|
2,081 |
|
|
2,326 |
|
Interest expense |
|
|
|
|
664 |
|
|
625 |
|
|
1,310 |
|
|
1,270 |
|
Other segment items |
|
|
|
|
279 |
|
|
236 |
|
|
606 |
|
|
463 |
|
Total costs and expenses |
|
|
|
|
|
6,033 |
|
|
6,166 |
|
|
11,666 |
|
|
12,011 |
|
Earnings before income taxes |
|
|
|
|
$ |
385 |
|
$ |
326 |
|
$ |
1,108 |
|
$ |
758 |
|
Other segment items of BHE primarily consist of property taxes and other expenses. Energy operations and maintenance includes losses associated with the 2020 and 2022 Wildfires. See Note 22.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing |
|
Service and retailing |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues |
$ |
19,969 |
|
$ |
19,840 |
|
$ |
38,735 |
|
$ |
38,369 |
|
$ |
10,688 |
|
$ |
9,947 |
|
$ |
20,825 |
|
$ |
19,650 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and services |
|
12,980 |
|
|
13,058 |
|
|
25,309 |
|
|
25,290 |
|
|
6,394 |
|
|
5,959 |
|
|
12,458 |
|
|
11,745 |
|
Cost of leasing |
|
305 |
|
|
287 |
|
|
599 |
|
|
530 |
|
|
1,587 |
|
|
1,457 |
|
|
3,176 |
|
|
2,905 |
|
Interest expense |
|
298 |
|
|
195 |
|
|
583 |
|
|
393 |
|
|
29 |
|
|
29 |
|
|
56 |
|
|
58 |
|
Other segment items |
|
3,139 |
|
|
3,171 |
|
|
6,281 |
|
|
6,113 |
|
|
1,573 |
|
|
1,533 |
|
|
3,089 |
|
|
3,065 |
|
Total costs and expenses |
|
16,722 |
|
|
16,711 |
|
|
32,772 |
|
|
32,326 |
|
|
9,583 |
|
|
8,978 |
|
|
18,779 |
|
|
17,773 |
|
Earnings before income taxes |
$ |
3,247 |
|
$ |
3,129 |
|
$ |
5,963 |
|
$ |
6,043 |
|
$ |
1,105 |
|
$ |
969 |
|
$ |
2,046 |
|
$ |
1,877 |
|
Other segment items of the manufacturing, service and retailing segments primarily consist of selling, general and administrative expenses. Notes to Consolidated Financial Statements Note 24. Business segment data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pilot |
|
McLane |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues |
$ |
10,109 |
|
$ |
12,999 |
|
$ |
20,539 |
|
$ |
25,502 |
|
$ |
12,601 |
|
$ |
12,458 |
|
$ |
24,776 |
|
$ |
24,933 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and services |
|
9,010 |
|
|
11,893 |
|
|
18,294 |
|
|
23,450 |
|
|
11,505 |
|
|
11,430 |
|
|
22,606 |
|
|
22,873 |
|
Depreciation and amortization |
|
260 |
|
|
251 |
|
|
517 |
|
|
496 |
|
|
47 |
|
|
49 |
|
|
96 |
|
|
99 |
|
Other segment items |
|
720 |
|
|
656 |
|
|
1,441 |
|
|
1,287 |
|
|
873 |
|
|
837 |
|
|
1,717 |
|
|
1,654 |
|
Total costs and expenses |
|
9,990 |
|
|
12,800 |
|
|
20,252 |
|
|
25,233 |
|
|
12,425 |
|
|
12,316 |
|
|
24,419 |
|
|
24,626 |
|
Earnings before income taxes |
$ |
119 |
|
$ |
199 |
|
$ |
287 |
|
$ |
269 |
|
$ |
176 |
|
$ |
142 |
|
$ |
357 |
|
$ |
307 |
|
Other segment items of Pilot primarily consist of store operating, interest and general and administrative expenses. Other segment items of McLane include general and administrative expenses. Reconciliations of revenues and earnings before income taxes of our business segments to the consolidated amounts follow (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
Earnings before income taxes |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Total operating businesses |
$ |
91,802 |
|
$ |
93,571 |
|
$ |
180,761 |
|
$ |
183,356 |
|
$ |
13,378 |
|
$ |
13,302 |
|
$ |
24,993 |
|
$ |
25,788 |
|
Investment gains (losses) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,364 |
|
|
23,857 |
|
|
(71 |
) |
|
25,733 |
|
Equity method investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,745 |
) |
|
252 |
|
|
(4,619 |
) |
|
745 |
|
Corporate, eliminations and other |
|
713 |
|
|
82 |
|
|
1,479 |
|
|
166 |
|
|
(247 |
) |
|
726 |
|
|
(405 |
) |
|
1,577 |
|
|
$ |
92,515 |
|
$ |
93,653 |
|
$ |
182,240 |
|
$ |
183,522 |
|
$ |
14,750 |
|
$ |
38,137 |
|
$ |
19,898 |
|
$ |
53,843 |
|
Additional segment data follows (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
Income tax expense (benefit) |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Business segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,177 |
|
$ |
1,332 |
|
$ |
2,231 |
|
$ |
2,614 |
|
BNSF |
|
270 |
|
|
267 |
|
|
542 |
|
|
532 |
|
|
343 |
|
|
395 |
|
|
732 |
|
|
771 |
|
BHE |
|
664 |
|
|
625 |
|
|
1,310 |
|
|
1,270 |
|
|
(357 |
) |
|
(434 |
) |
|
(779 |
) |
|
(827 |
) |
Manufacturing |
|
298 |
|
|
195 |
|
|
583 |
|
|
393 |
|
|
701 |
|
|
727 |
|
|
1,312 |
|
|
1,411 |
|
Pilot |
|
49 |
|
|
83 |
|
|
121 |
|
|
177 |
|
|
26 |
|
|
28 |
|
|
63 |
|
|
27 |
|
McLane |
|
6 |
|
|
5 |
|
|
13 |
|
|
10 |
|
|
43 |
|
|
34 |
|
|
88 |
|
|
76 |
|
Service and retailing |
|
29 |
|
|
29 |
|
|
56 |
|
|
58 |
|
|
243 |
|
|
244 |
|
|
468 |
|
|
458 |
|
|
|
1,316 |
|
|
1,204 |
|
|
2,625 |
|
|
2,440 |
|
|
2,176 |
|
|
2,326 |
|
|
4,115 |
|
|
4,530 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment gains (losses) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,379 |
|
|
5,082 |
|
|
(11 |
) |
|
5,476 |
|
Equity method investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,170 |
) |
|
32 |
|
|
(1,159 |
) |
|
120 |
|
Corporate, eliminations and other |
|
(63 |
) |
|
26 |
|
|
(115 |
) |
|
106 |
|
|
(92 |
) |
|
199 |
|
|
(176 |
) |
|
387 |
|
|
$ |
1,253 |
|
$ |
1,230 |
|
$ |
2,510 |
|
$ |
2,546 |
|
$ |
2,293 |
|
$ |
7,639 |
|
$ |
2,769 |
|
$ |
10,513 |
|
Notes to Consolidated Financial Statements Note 24. Business segment data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
Depreciation and amortization |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Business segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
$ |
11 |
|
$ |
14 |
|
$ |
35 |
|
$ |
49 |
|
$ |
110 |
|
$ |
100 |
|
$ |
217 |
|
$ |
198 |
|
BNSF |
|
947 |
|
|
1,034 |
|
|
1,599 |
|
|
1,755 |
|
|
679 |
|
|
663 |
|
|
1,350 |
|
|
1,320 |
|
BHE |
|
2,445 |
|
|
1,975 |
|
|
4,573 |
|
|
4,128 |
|
|
1,064 |
|
|
988 |
|
|
2,083 |
|
|
1,982 |
|
Manufacturing |
|
603 |
|
|
651 |
|
|
1,310 |
|
|
1,359 |
|
|
612 |
|
|
613 |
|
|
1,222 |
|
|
1,214 |
|
Pilot |
|
254 |
|
|
224 |
|
|
458 |
|
|
396 |
|
|
260 |
|
|
251 |
|
|
517 |
|
|
496 |
|
McLane |
|
45 |
|
|
54 |
|
|
67 |
|
|
79 |
|
|
47 |
|
|
49 |
|
|
96 |
|
|
99 |
|
Service and retailing |
|
553 |
|
|
583 |
|
|
1,097 |
|
|
1,162 |
|
|
404 |
|
|
376 |
|
|
803 |
|
|
743 |
|
|
$ |
4,858 |
|
$ |
4,535 |
|
$ |
9,139 |
|
$ |
8,928 |
|
|
3,176 |
|
|
3,040 |
|
|
6,288 |
|
|
6,052 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, eliminations and other |
|
|
|
|
|
|
|
|
153 |
|
|
158 |
|
|
306 |
|
|
314 |
|
|
|
|
|
|
|
|
|
|
$ |
3,329 |
|
$ |
3,198 |
|
$ |
6,594 |
|
$ |
6,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
Identifiable assets |
|
|
|
|
|
|
June 30,
2025 |
|
December 31,
2024 |
|
June 30,
2025 |
|
December 31,
2024 |
|
Business segments |
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
$ |
16,557 |
|
$ |
16,557 |
|
$ |
537,326 |
|
$ |
539,884 |
|
BNSF |
|
|
|
|
|
15,351 |
|
|
15,351 |
|
|
81,277 |
|
|
80,813 |
|
BHE |
|
|
|
|
|
11,804 |
|
|
11,669 |
|
|
132,997 |
|
|
128,276 |
|
Manufacturing |
|
|
|
|
|
27,951 |
|
|
27,716 |
|
|
122,431 |
|
|
119,860 |
|
Pilot |
|
|
|
|
|
6,478 |
|
|
6,477 |
|
|
19,410 |
|
|
19,652 |
|
McLane |
|
|
|
|
|
232 |
|
|
232 |
|
|
7,185 |
|
|
7,165 |
|
Service and retailing |
|
|
|
|
|
5,878 |
|
|
5,878 |
|
|
38,356 |
|
|
37,198 |
|
|
|
|
|
|
$ |
84,251 |
|
$ |
83,880 |
|
|
938,982 |
|
|
932,848 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
|
|
Corporate and other |
|
|
|
|
|
|
|
|
|
140,735 |
|
|
137,153 |
|
Goodwill |
|
|
|
|
|
|
|
|
|
84,251 |
|
|
83,880 |
|
|
|
|
|
|
|
|
|
|
$ |
1,163,968 |
|
$ |
1,153,881 |
|
|